Morguard acquires retail portion of Rockville Town Square

MISSISSAUGA, ONT. — Morguard North American Residential REIT has acquired the retail portion of Rockville Town Square in Maryland.

Morguard purchased Fenestra Apartments, three mid-rise buildings in 2017, and the acquisition of the remaining retail in this mixed-use asset expands the company’s investment in the City of Rockville and creates operational efficiencies, indicates a release. The transaction closed at a purchase price of US$33 million, excluding closing costs.

Connected to Fenestra apartments, Rockville Town Square includes 183,000 square feet of retail, dining and municipal and financial services. The pedestrian-friendly location features public gathering areas, entertainment events and serves as a neighbourhood hub in the affluent Montgomery County. 

The square is also located in a transit-oriented location; has an outdoor courtyard with a large ice rink; provides a walkable lifestyle; and is an academic and municipal destination with access to Montgomery College.

“We are proud to be a part of the vibrant City of Rockville since our acquisition of Fenestra in 2017,” said John Talano, senior vice-president of U.S. operations, in a statement. “Further investment within the community is part of a multi-faceted approach to the planning and management of this incredible public space. We look forward to continuing to work with our new retail tenants and the entire community to ensure the relevance and long-term success of Rockville Town Square.”